Indian crypto platforms CoinDCX and CoinSwitch Kuber have paused crypto deposits and withdrawals citing KYC regulations.
CoinDCX announced that this step is to strengthen their compliance and risk framework.
Every CoinDCX user needs to complete their KYC on the platform. Moreover, users must follow a “enhanced due diligence process to enable crypto deposit/withdrawal,” which will be released in the next 14 days.
The platform also mentions that INR deposits & withdrawals continue to function as normal.
Coinswitch Kuber replied to a Twitter user query stating that they are awaiting “further clarity from our regulators and policymakers.”
Users can however continue trading as per usual on the platform and can buy, sell, deposit, and also withdraw amounts.
Certain Indian crypto investors believe that this move comes in response to the crashing crypto market and due to probable investments in the crashing giants Celsius and BlockFi.
Indian crypto investors already jump through several hoops to trade crypto with the tax rates being in the highest possible margin.
Moves like this only frustrate the users and hamper the development of the crypto industry further into the country.
Read Also: Indian Terra Investors Face Tax Even After Its Collapse
